A $70 million mixed-use project that includes 339 luxury apartments will land on 18.7 acres sold at Conway’s old airport property, developer John Burkhalter and Conway Development Corp. announced Friday.
Burkhalter’s Fountaine Bleau Properties, which has apartment complexes in Little Rock and North Little Rock, is the first to buy property for redevelopment at the former airport site called Central Landing.
“Conway’s economy is strong and growing,” Burkhalter said in a news release. “We believe the Conway area market is ready for an upscale apartment home community that provides the amenities, services, and standard of living that professionals can expect from a Fountaine Bleau property. Central Landing is a perfect location for this style of luxury apartment home living. We look forward to being a part of this vibrant and engaging community.”
Central Landing encompasses more than 150 acres, which Conway Development Corp. purchased from the city in December. On June 15, Central Landing and the surrounding census tract was confirmed by the U.S. Department of Treasury as an “Opportunity Zone” eligible for certain tax incentives.
“The Opportunity Zone designation is going to attract investment into Conway from around Arkansas and beyond,” Jamie Gates, executive vice president of Conway Development Corp, said in the joint release. “It’s a great economic development tool for the community and a great opportunity for investors.”
Conway Mayor Bart Castleberry said that Burkhalter’s announcement was a positive sign of things to come.
“The Sixth Street overpass, Central Landing Boulevard and the extension of Bruce Street are already changing the way people move around the city,” Castleberry said. “Today’s announcement shows that those projects also change the way our city develops.”
Sign up for Daily E-news
